Real Estate and Mortgages: Climate Change Impact

Absolute Zero

ASFN Icon
Joined
Aug 9, 2005
Posts
17,340
Reaction score
8,510
Climate change could end mortgages as we know them

Climate change could punch a hole through the financial system by making 30-year home mortgages — the lifeblood of the American housing market — effectively unobtainable in entire regions across parts of the U.S.



https://www.cbsnews.com/amp/news/climate-change-could-end-mortgages-as-we-know-them/

Real uplifting stuff. I hadn't thought about this much before, except seeing the real estate market in my area drop off after all the forest fires and smoke we had last Summer.
 
Last edited by a moderator:

puckhead

Waxing Gibbous
Moderator
Supporting Member
Joined
Jun 15, 2005
Posts
15,980
Reaction score
14,198
Location
Moment, AZ
When it happens, I'm sure we'll hear the cries of "nobody could have predicted this." We don't deserve prosperity if we continue to bury our heads in the sand.
 
OP
OP
Absolute Zero

Absolute Zero

ASFN Icon
Joined
Aug 9, 2005
Posts
17,340
Reaction score
8,510
When it happens, I'm sure we'll hear the cries of "nobody could have predicted this." We don't deserve prosperity if we continue to bury our heads in the sand.


My guess is that the financial sector will figure this out first and stop lending in certain areas. It will snowball from there.
 

Russ Smith

The Original Whizzinator
Supporting Member
Joined
May 14, 2002
Posts
84,235
Reaction score
32,848
If you people would just use your rakes none of this would be an issue!
 

Rivercard

Too much good stuff
Joined
Jul 2, 2003
Posts
28,315
Reaction score
14,900
Location
Is everything
One thing is for sure, real estate is hot hot hot..............


63% of people who bought a home nationwide placed an offer without seeing the property

Found your California dream home? Good luck with that — it may be gone by tomorrow

Homes are selling at warp speed nationwide, forcing would-be buyers to make snap decisions on what is typically the biggest purchase of their lives. In California, houses haven’t sold faster in at least three decades, according to data from the state’s main Realtors association.

In March, a home’s median time on the market in the Golden State was eight days, the shortest time period recorded by the California Assn. of Realtors, whose database goes back to 1990. In the bubble years of 2003 to 2005, homes typically took more than 20 days to sell. In the hot-market years preceding the pandemic, the median time on the market at times dipped further, hitting a low of 14 days in 2017.

-------------------

Frenzied home buyers are breaking all sorts of records. Last year, 63% of people who bought a home nationwide placed an offer without seeing the property, according to a survey by brokerage company Redfin, an all-time high since the survey’s debut in 2015.

Another Redfin survey found 43% of homes that were sold in the four weeks that ended April 11 fetched more than the list price, the highest since at least 2012.

South Bay real estate agent Garrison Comstock said he received 39 offers — about four times what he considered the high-water mark before the pandemic — on a three-bedroom house in Hawthorne that went into escrow for $116,000 over the asking price within six days of being listed.

Another agent, Lindsay Katz of Redfin, said her average sales pace is just two days.

https://www.latimes.com/business/st...e-selling-at-record-speed-in-hot-covid-market
 

BigRedRage

Reckless
Supporting Member
Joined
Mar 25, 2005
Posts
48,274
Reaction score
12,520
Location
SE valley
its so stupid right now. been waiting and waiting for a housing correction. Thinking it may happen sooner than later with the amount of foreclosures that are likely to happen after covid. The market has so little homes for sale that this crap can happen.
 
  • Like
Reactions: LVG

Folster

ASFN Icon
Joined
Jun 23, 2005
Posts
15,839
Reaction score
6,064
A house down the street sold in a weekend 20% over asking price. I'm in Gilbert, a mile from downtown.
 

BigRedRage

Reckless
Supporting Member
Joined
Mar 25, 2005
Posts
48,274
Reaction score
12,520
Location
SE valley
A house down the street sold in a weekend 20% over asking price. I'm in Gilbert, a mile from downtown.


Man, I was in Gilbert the weekend before last trying to get a drink and every single place had a line out the door. It's a madhouse right now. That new taco stand just north of OHSO on the weekends is fire though. Midnight taco was the old stand there, pretty good but the new one Don Fitos has home made everything, even tortillas. Highly recommend.

They are also on Gilbert and guadalupe road in the check cashing place parking lot most non weekend nights. I think Tuesday is $2.50 tacos.
 

gmabel830

It's football season!!
Joined
May 8, 2011
Posts
12,416
Reaction score
7,049
Location
Gilbert, Arizona
My wife’s best friend just lost out on a house that went for $770k with a list price of $690k. Just nuts!


Sent from my iPhone using Tapatalk
 

AZ Native

Living is Easy with Eyes Closed
Joined
Apr 30, 2007
Posts
15,841
Reaction score
8,033
Location
Cave Creek
Fomo is a real thing...and we are in the depths of it everywhere right now IMO.
True. My neighbor bought her house (FOMO) in 2005 and the price it’s worth just just caught up with what she paid for it back then.
 
Top